Bitcoin News Today: RAKBANK Launches UAE's First Regulated Crypto Trading Service for Retail Customers

RAKBANK, a UAE-based bank, has become the first conventional financial institution in the United Arab Emirates to launch a regulated cryptocurrency trading service for retail customers. The initiative, powered by its partnership with Bitpanda, a European-regulated digital assets platform, enables users to trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP directly through the RAKBANK mobile app using UAE dirhams (AED). The service operates under the oversight of the Dubai Virtual Assets Regulatory Authority (VARA), ensuring compliance with local regulations and enhancing security for traders [1][2].

The collaboration allows customers to buy, sell, and swap digital assets without transferring funds to external crypto exchanges, streamlining the process and eliminating foreign exchange fees and delays. Transactions settle in real-time, drawing directly from users’ savings or current accounts. This integration reduces barriers traditionally associated with fiat-to-crypto conversions, making trading more accessible and cost-effective [3]. RAKBANK’s Group CEO, Raheel Ahmed, emphasized the service’s alignment with the bank’s vision to combine innovation with user-friendly financial solutions, positioning the UAE as a hub for regulated crypto services [4].

Bitpanda’s Deputy CEO, Lukas Enzersdorfer-Konrad, described the partnership as a milestone in Middle Eastern digital finance, highlighting the convenience and transparency of offering crypto services within a traditional banking framework. The service, currently available on an invitation-only basis, includes a waitlist for early access, with fees reportedly kept low to attract retail investors [5]. Users can trade eight major cryptocurrencies, including USDT, with educational resources provided to mitigate risks associated with the volatility of digital assets [6].

The move reflects broader trends in the UAE’s financial sector, where regulatory clarity is evolving to accommodate digital assets. By leveraging Bitpanda’s compliance infrastructure and VARA’s oversight, RAKBANK aims to institutionalize crypto trading as a mainstream investment option. The AED-denominated settlement system is expected to mitigate currency volatility risks for local users, supporting the UAE’s strategy to diversify its economic landscape [2][4].

Analysis of the initiative suggests it could catalyze competition among regional banks to adopt similar offerings, accelerating the adoption of digital assets in the market. The phased rollout—starting with an invitation-only launch—balances innovation with risk management, a common approach in emerging markets. RAKBANK’s existing customer base and mobile app infrastructure may streamline access for retail investors, who previously faced complex onboarding processes or a lack of local currency support [5]. The absence of external transfers further enhances user convenience, reducing friction in the trading experience [3].

By aligning with Abu Dhabi’s Vision 2030 goals, which prioritize technological advancement and economic diversification, RAKBANK’s venture underscores the UAE’s ambition to position itself as a global financial hub. The bank’s ability to navigate regulatory frameworks while fostering trust in digital assets will likely determine the long-term success of the service in a market still in its early stages of adoption [4].

Source: [1] Rakbank Becomes First UAE Bank to Offer Crypto Trading (https://cointelegraph.com/news/rakbank-uae-first-bank-crypto-trading-retail)

[2] RAKBANK Crypto Brokerage: Trade Crypto in AED (https://www.rakbank.ae/en/everyday-banking/rakbank-for-you/crypto-wait-list)

[3] RAKBANK Launches UAE's First Regulated Crypto Trading (https://www.ainvest.com/news/rakbank-launches-uae-regulated-crypto-trading-service-bitpanda-partnership-2507/)

[4] UAE Lender RAKBANK Offers Retail Customers Crypto (https://www.coindesk.com/business/2025/07/29/uae-lender-rakbank-offers-retail-customers-crypto-with-bitpanda)

[5] RAKBANK and Bitpanda Bring BTC, ETH and USDT (https://coincentral.com/rakbank-and-bitpanda-bring-btc-eth-and-usdt-trading-in-aed/)

[6] Rakbank Offers In-App Crypto Trading for UAE Retail Users (https://www.bitdegree.org/crypto/news/rakbank-offers-in-app-crypto-trading-for-uae-retail-users)